Statute Barred Debt in Liverpool

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Statute Barred Debt In Liverpool

If a creditor hasn’t been paid for goods or services they have provided, this can create a stressful situation.

These could have been due to issues related to mortgage shortfalls, bad credit files, unpaid invoices etc.

Many people that have not been paid do not know how to properly recover what is owed.

As a result, they waste valuable time which could be valuable in stopping the debtor from getting away with not paying.

This is a common scenario for creditors in Liverpool that have suffered from people not paying the debts that are owed.

Debts can cause a lot of damage to any business or individual cash flow.

It is vital to attempt recovery of any debts as soon as they occur. If you do not, you may risk making the debt unable to be recovered.

This is due to specific time limits rules related to debt recovery and it is important to know how these apply.

If a debt is owed to you in Liverpool and this has not been recovered, you need to take action. We have put together this guide to outline how long creditors have to recover the debts that are owed.

statute barred debt - how long can a debt be chased

How Long Can A Debt Be Chased In Liverpool?

It can be a challenge to get someone who owes the debt to pay on time or, sometimes, at all. To add to these challenges, there are time limits that define how long a debt can be chased.

The time limits related to recovering unsecured debt are known as “Statute Barred” debts.

This rule is part of a list of regulations that companies and debt collectors must abide by when collecting money.

So, how can a statute barred debt affect the collection of money that is owed?

The Limitation Act 1980 outlines the statute barred debts rule, meaning a creditor only has six years to collect a debt.

Different parameters can dictate this period of time depending on the circumstances of the money that is owed.

If your debt is statute barred, the court can sometimes extend the time period if deemed necessary.

The six years starts from the last known acknowledgement or payment of the debt. The time is reset if any other recognition of the debt is made within that period.

This includes emails, letters, county court judgments or court orders etc.

Benefits of this include a longer window for the debt to be collected or more time for the debtor to pay.

Overseas Statute Barred Debts – Do The Rules Change?

The occurrence of international debts has sadly become more common in recent years.

If you have a debtor that is based overseas, you may be wondering if the statute barred rule changes.

You are right to think this, as the rules related to statute barred debts change from country to country.

This is the same as the rules that change across Scotland, England, Wales and Northern Ireland.

In places such as California, the time limit is four years if written and two years if verbal.

International debt recovery is known to take longer, which is a reason for the urgency to recover these types of debt.

There are specialists that have specific training and expertise to deal with the recovery of overseas debts. They will also combat the various rules and regulations related to this.

If you or your business have a debt that is approaching the six-year limit, speak to a debt collection agency.

Statute Barred Debt in Liverpool – Find The No1 Agencies

Our trusted network of award-winning partners is able to help you recover any type of debt. Just complete our quick web form to use our free debt collection agency referral now.

Debt Collection Agency For Statute Barred Debts

If you or your business are owed money in the UK, you need to speak to a debt collection agency.

Debt Collection Agencies provide the most hassle-free and affordable recovery methods.

At Debt Collection Liverpool, we provide a free way for our clients to find the best fit agencies.

Recovering debts should not have to be an overbearing task, which is where we come in.

Since 2006, we have helped hundreds of businesses and individuals with immediate support, assistance and action.

Our partners have the most efficient debt solutions for recovering money that is owed to a business or an individual.

Our Recommended Debt Collection Agencies

If you are owed money by a business, you will need a commercial debt collection agency.

Our recommendation for such matters is Federal Management, which has a long history of recovering business debts.

Since 2004, they have collected millions of pounds worth of debts on behalf of their clients.

They are also authorised and regulated by the Financial Conduct Authority (FCA) to recover debts under the Consumer Credit Act.

This demonstrates the calibre of debt recovery services that they provide to their clients.

For the money that is owed by an individual, such as a friend or family member, we recommend Frontline Collections.

Frontline Collections are the UK’s leading private debt collection agency and have operated since 2005.

Throughout their extensive debt recovery record, they have assisted individuals in all industry sectors.

Most commonly, this has included self-employed individuals, independent schools, vets and dental practices.

They can also provide international debt collection services for those that are owed money overseas. This is a good tool to have in any debt collection agency’s arsenal.

If you have a debt that needs to be recovered, consider using our partners.

Statute Barred Debt in Liverpool – Find The No1 Agencies

Our trusted network of award-winning partners is able to help you recover any type of debt. Just complete our quick web form to use our free debt collection agency referral now.

Debt Collection Liverpool – Frequently Asked Questions

Who Exactly Are Debt Collection Liverpool?

We began in 2006 as part of the UK Debt Collection Bureau network. We act as a referral agency for the best debt collection companies in Liverpool.

How Can You Be Trusted To Find The Right Debt Collection Agency?

There are many different types of firms to choose from in the UK which can be quite challenging. This is where we can help by referring you to the best agencies.

How Much Are The Services You Provide?

Our service is free and takes the hassle out of you having to approach numerous debt collection agencies.

What Is The Success Rate Of Your Partners?

Our partners have recovered as much as up to 90% of undisputed debts, maximising the potential for a successful recovery.

Should I Choose A Debt Recovery Company Or A Solicitor?

Solicitors are process-driven whereas our partner Debt Collection firms are results-driven and proactive.

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